Please notify the DA. Real estate has been burdened by shady folks who do shady deals for too long. In fact the nation has suffered enough.
If you propose to sell short you'll need an agent, hopefully that agent will use a third party that specializes in the interminable negotiations and communications with your lender but some few do handle the whole deal. Some title companies provide services to handle short sale logisitics - talk with the agents and listen, listen to their responses.
The point about not making any more payments is because lenders will not consider short sales until the loan is significantly in arrears.
Sorry that you met a scoundrel. Hope you can help get'em.
This most certainly appears to be a scam. There should be no need to pay any fees up-front. Contact a local Realtor as we are the ones who can help sell property (and work on contingency rather than retainer).
The same applies to those Property Tax Reduction "specialists." Do not pay fees in advance for this. Contact your local City tax assessor.
For San Francisco property tax reductions, visit: http://www.sfgov.org/site/assessor_index.asp?id=101593 .
Good luck with this situation and let us know if we can help.
You should not pay upfront. The Short Sales Specialist will earn a commission at the close of escrow. Ask him to pay the credit repair 30 days after the short sales and your moving truck fees as well :)
For more information about short sales and your various foreclosure options please visit
You should make payments to the bank and only to the bank. If you are facing a foreclosure, it is best to save your credit. This is when a short sale will help you. (Short sales occur only when the mortgage owed is higher than the value of your property). It is the job of the agent to negotiate with the bank to market the property at face value and the bank will accept said value. There should be no fees from your agent in any shape or form as he/she will paid his/her commission at the settlement table . Even said commission is paid to the agent by the bank. I think that your agent is trying to take advantage of you.
You have some good advice. Some question:
Why are you selling?
Do you HAVE to sell?
Why not keep one?
A REALTOR agrees to abide by a code of ethics. The case you have mentioned violates many tenants of the code.
You need a strategy. You create a plan, measure your options, then move forward. There is a proverb
"wise is the man with many counselors". Ask questions, give careful consideration, then report this fellow to the Dept;. of Real Estate.
I have also worked with MEDA (Mission Economic Development Association) in SF. They also have a counseling service that will work with you and advise you for free.
Yes, you may have to be behind in your payments to qualify for short sale. This will make an impact on your credit. Do you have any other options? Can you rent one of them out? Look harder at what it is you really need. If payments are too high, have you talked to your lender about options?
I echo the sentiments of my collegues. One important thing you and your fiance need to know is that if you have any other assets then a short sale will not be possible no matter what "Mr. Helpful" says. Since you say that you and she own two properties then you have assets. If you have been making your payments and are not already behind, before you start yourself on the slippery slope toward foreclosure contact your lender and see if they can be of any help. Ask to speak to someone in the "Loss Mitigation Department" and see if they can help.
A reputable real estate professional would NEVER tell you to quit making your payments and if they are a member of the National Association of Realtor's it would indeed be a clear cut violation of ethics - a HUGE no-no.
When you are working with a reputable Realtor you should not pay ANY fees up front as they get paid only after their job is completed and the job is not done until your home is sold and escrow is successfully closed.
Unfortunately, I am based in Los Angeles County or I would offer to see if I could help you personally, however I am too far away to be effective for you. I would however be most happy to put you in touch with an experienced, reputable, and trustworthy LICENSED Realtor in your area who might be able help you.
I would also be happy to answer any questions you might have if you wish to give me a call or send me an email.
I hope I have been of help.
Tisza Major-Posner, Realtor, Keller WIlliams Claremont/La Verne (909) 837-8922
Be sure you find one of us that cares for you and is willing to help you. It could be that you need to re-fi and not sell now, it could be you need to change your plans - all options should be explored with you making the final decision.
Good luck to you and thank you for asking this question on this forum.
Yes how did this person find you, make suer you talk to a Realtor, that has experience in short sales, not that they have knowledge of how it works. Actual experience. Good Luck
But there is more here than meets the eye. Why are you going "shor"? How did this "shark" get your names? Are you in default on one of the "lofts"? Did you call him? Any Realtor/Licensee can conduct a "Short-Sale" for you without up front fees. Did you sign anything with this clown? Last bit of advice--you cannot REPAIR your credit!!
Tell this guy to take a long walk off Pier 39!!!